NYMEX RBOB: (U18) Continued Progress......>

OIL TECHS: NYMEX RBOB: (U18) Continued Progress Towards Range Highs

*RES 4: $2.4600 - Channel high  

*RES 3: $2.2467 - High May 22 

*RES 2: $2.1741 - High May 31 

*RES 1: $2.1531 - High July 10 

*PRICE: $2.1427 @ 05:012 GMT 

*SUP 1: $2.0386 - High Aug 21 now support 

*SUP 2: $1.9896 - 200-DMA 

*SUP 3: $1.9671 - Low August 16 

*SUP 4: $1.9061 - Low April 6 

Yesterday's solid gains took out the July 27 high and tested the July 10 high at

$2.1531 as upside momentum builds. Resistance levels continue to be gradually

eroded as the solid base formed at the 200-dma creates a launch pad for further

gains. A break above the July 10 high would target the multi-year high at

$2.2467. Bears need a close below $2.0386 to turn the outlook neutral but the

$1.96-1.98 area is likely to be keenly defended on any weakness.